As we reported back on Friday, the interest rate eased on Wells Fargo’s (NYSE:WFC) 15-year convetional refinance loan. Good news for borrowers, that it looks like that the rate level ticked down further on the aforementioned loan and now it’s coming out at 3.500%, according to the latest data. Mortgage shoppers, who prefer to refinance with the 30-year FRM, can expect to pay 4.375% in interest.
Looking at other home refinancing options, the FHA-insured 30-year mortgage loan is available today at a rate of 4.125%, according to the updated loan information from the San Francisco-headquartered financial institution. More flexible loan options include the 5/1 adjustable rate mortgage (ARM), which has a lending rate of 3.500% on Monday. As far as the 5/1 ARM FHA loan package is concerned, the interest rate on this mortgage eased to 3.625%, according to our observations. For more information on Wells Fargo’s current refinance rates, as well as details on the latest home purchase mortgage rates, please check the data below.
Wells Fargo offers excellent mortgage interest rates under both its home purchase and refinance programs, so those potential borrowers who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable loans at this bank.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 4.335% APR
30-Year Fixed FHA Mortgage: 4.000%, 5.583% APR
15-Year Fixed-Rate Mortgage: 3.500%, 3.647% APR
7-Year Adjustable Rate Mortgage (ARM): 3.375%, 3.117% APR
5-Year ARM FHA: 3.375%, 4.025% APR
The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in New Haven, Connecticut. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.
Wells Fargo Refinance Rates
30-Year Fixed-Rate Mortgage: 4.375%, 4.445% APR
30-Year Fixed FHA Mortgage: 4.125%, 5.222% APR
15-Year Fixed-Rate Mortgage: 3.500%, 3.638% APR
5-Year Adjustable Rate Mortgage (ARM): 3.500%, 3.086% APR
5-Year ARM FHA: 3.625%, 3.655% APR
Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.
For more information on Wells Fargo’s home purchase and refinance mortgage interest rates, as well as details on loan assumptions and borrowing terms and conditions, please take a look at the lender’s website.